Business
Kintavar Exploration Announces the Final Closing of the Private Placement for an Aggregate Total of $1,050,423
MONTREAL, QUEBEC--(Marketwired - Dec. 29, 2017) - Kintavar Exploration Inc. (the "Corporation" or "Kintavar") (TSX VENTURE:KTR), is pleased to announce the thir
About this update from Auriginal Mining Corp.
[{"type":"text","content":"MONTREAL, QUEBEC--(Marketwired - Dec. 29, 2017) - Kintavar Exploration Inc. (the \"Corporation\" or \"Kintavar\") (TSX VENTURE:KTR), is pleased to announce the third and final closing of a non-brokered private placement offering (the \"Private Placement\"), consisting of 2,547,356 shares, issued on a flow through basis, at a price of $0.14 per share and of 1,859,295 units (\"Units\") at a price of $0.11 per Unit for a total aggregate gross proceeds of $1,050,423. Each Unit being comprised of one (1) Share and one half of one (1/2) Share purchase warrant, each whole warrant entitling the holder hereof to acquire one (1) Share at a price of $0.14 per Share until December 26, 2019. Certain officers of the Company have participated in this Private Placement for a total of 164,428 Flow-Through Shares and 131,250 Units distributed pursuant to the private placement (the \"Insiders' Participation\"). The Insiders' Participation is exempt from the formal valuation and shareholder approval requirements provided under Regulation 61-101 respecting Protection of Minority Holders in Special Transactions (\"Regulation 61-101\") in accordance with sections 5.5(a) and 5.7(a) of said Regulation 61-101. The exemption is based on the fact that the market value of the Insiders' Participation or the consideration paid by such insiders does not exceed 25% of the market value of the Company. The Company did not file a material change report at least 21 days prior to the completion of the private placement since the Insiders' Participation was not determined at that moment. The Company will use the proceeds of the Private Placement for the drilling program on the Mitchi property and for working capital purposes. The shares acquired by the subscribers are subject to a hold period of four months plus one day from the closing date, ending on April 27, 2018, except as permitted by applicable securities legislation and the rules of TSX Venture Exchange. In connection with this Private Placement, the Corporation has paid a cash finder's fee in an amount of $15,792 and issued 112,800 non-transferable finder's options to acquire such number of common shares at a price of $0.14, exercisable for a period of twenty four (24) months and subject to a hold period of four months plus one day from the closing date. \"We are very satisfied with this oversubscribed Priva...